Intercede Group (AIM:IGP), the cybersecurity software company specialising in digital identity and credential management, reported full-year revenue of £17.2 million for the year ended 31 March, down 2.8% on a reported basis and 0.5% in constant currency terms, from £17.7 million the prior year.
The shortfall was attributed to US Federal procurement delays flagged in a March 2026 update, driven by geopolitical uncertainty, though the board characterised these as timing effects rather than lost business.
Recurring revenue reached a record £11.4 million, representing 66% of total revenue, up from 60% in FY25, with subscription revenue growing 17.6% to £2.0 million.
Adjusted EBITDA fell to £4.0 million from £4.5 million, while the gross cash balance rose to £20.0 million from £18.7 million, with no debt on the balance sheet.
The conversion of delayed FY26 opportunities has been swift: contract orders and renewals totalling approximately $9.0 million were announced in two tranches in April, including a US Federal Agency perpetual licence upsell worth approximately $3.6 million.
"We enter FY27 from a position of strength, with robust order momentum, a debt-free balance sheet, and a clearly defined product roadmap," said chairman Royston Hoggarth.
The board said the company has started FY27 in line with its expectations and views the outlook with confidence.
